. >>> wpp shares plunge after weakness in the u.s. weighs on sales and the ad giant slashes its full-year guidance. >>> a bitter taste for ab inbev. the beermaker drops towards the bottom of the stoxx 600 after it halves its dividend. >>> shares in abb open sharply lore despite a bullish outlook from the industrial firm >>> and the bears take charge. european equities hit their lowest levels in 18 months tech stocks are among the biggest decliners after the dow, nasdaq and s&p turn negative for the year >>> you can see it's been a negative start for the markets in europe. the stoxx 600 currently trading down around a quarter of a percent. if we look at some of the sectors behind that driving that number down, you can see where the damage is coming from. look at media, down almost 3% on the back of those wpp numbers mt healthcare down more 1.5%. automakers are up 1.35%. construction and material up almost 0.9%. wpp shares plummeted after a report in a sharp fall in third quarter sales. they had continued difficulties in north america t

a tough day for the advertising sector with wpp downgrading forecasts. the entire sector in europe, and over in the united states. gold struggling to generate forward momentum at the moment, a little bit of a safe haven of late but struggling to go through the next resistance. the hedge is working a little bit but not much. let's see the u.s. markets with emma chandra. >> a rally in the u.s. following wednesday's rout, we could be looking at her recovery with green across the major indexes, and the nasdaq 100, it is tech that is leading the gains. mastec 100 up 2.6% -- nasdaq 100 up 2.6%. 10 year yield up two basis points and s&p 500 back to equities. in positive territory for the first time in seven days. volume is up some 50% over a 20 day moving average. something to suggest the rally is there from a loss of volume, a lot of people in the market today. it has been tough on stocks. we should be able to show you the total market index, measuring the performance of all u.s. equities, securities come in the past five weeks, lost some $3 trillion in market

wpp says they now expect sales to fall this year and profit margins to decline. 24 hours a day and @tictoc on twitter powered by 120 journalists and analysts. nejra: thank you so much. if you think the overall equity market has been swinging, that's nothing compared to what quantitive investors are experiencing. it's now the most volatile in two years, and a sign it has driven returns. dani burger, what can you tell us today? dani: we are seeing strong moves when it comes to factors. a weekly view here. on the upside, a lot of risk off factors doing well. dividend yield, investors wanting safer companies and rsi companies that have been shown to do well over the last 14 days. momentum, those two strongly correlated, so no surprise it is up. looking at the downside, the exact opposite. some of the more risky factors selling off today. one-month volatility, the most volatile stocks in the last month. down over 3%. chunkyvalue, big, quantitative styles a lot of people own, selling off over the last week, nearly 2%. this is evidence these have been very volatile, mov

dragged down by wpp. >> all right we'll see if those momentum shifts to the upside hold.turn back to the u.s. markets. futures pointing to a sharply higher open. 262 points to the upside for the dow. the s&p up by 31 the nasdaq up by 136 joining me now is bill stone, the co-cio of avalon advisers. what do you make of the market action is this something we should be fearful of or an opportunity for investors to add to or build positions? >> i think it's going to turn out to be an opportunity certainly it makes people nervous particularly when volatility for so long was suppressed by low interest rates. as yields moved up, certainly as we've seen the volatility picked up you have to go back to the fundamentals and what's going on in the world earnings, you talked about it earlier. they continue to come in you can complain about certain pieces of the earnings, overall we're growing north of 20% in terms of earnings. that's got to be a positive. outside the u.s., europe slowing a bit. u.s. will probably slow here in the fourth quarter again, nothingcessionary levels so i thin

we are seeing that it wpp.spot price, the price today, they have oil in their tanks which they are paid for, some time ago. but it isa are paid for, some time ago. but it is a symptom of this worry about the slowing of the global economy, one of the reasons why the oil prices coming down. and the pound looking quite weak, down below $1.29. there‘s a special poignancy to this year‘s poppy appeal, which is launched today. it‘s a century since the end of the first world war in 1918. over the coming weeks, volunteers will be selling poppies as the nation remembers the victims of not just that war, but all conflicts. earlier i spoke to liam young, who‘s the third generation in his family to serve in military. he told me about the particular significance when i was six i was wanting to join the army and i was collecting for the army and i was collecting for the poppy appeal on the streets with my dad and my grandad and everyone else. when i read hospital after coming back from afghanistan, i thought, how much worry h

the world's biggest advertising group, wpp. they reported 14% shares on their results.ike amazon and alphabet coming into the world of advertising, completely disrupting that model. where they next turned their attention, that is going to be the really interesting thing but there is also a real pressure to constantly innovate. you will answer beyond favours. they have had a picture up that didn't receive and a social network. it's off our core product. interestingly, where as amazon's cloud business is hugely successful, shareholders in alphabet see the google cloud business as a disappointment. we are in the middle of earnings season, we have more tech companies to report but the nasdaq, the big us tech stock, is down 7%. it's not looking too great. we've got facebook coming up. ithink too great. we've got facebook coming up. i think the key thing that these various different businesses, the fangs, the other big businesses, they need to focus on innovation. there are green shoots of innovation. in the context of this morning, snapchat and amazon launched a joint produc

but rippling through other ads stocks as well , wpp trading down really sharply.an eye on gold as well, worth paying attention to at the moment. 1200 $36 to 1250, it does not seem to make its way through there in the moment. innie: we have ethan and beating estimates, welcome news for the company as a competitive holiday season gets underway. chairmanthwari is the and ceo, also the president, and he joins us now. congratulations on a great quarter for you. you mentioned that services are more important. how do you intend to build up services as the competitive landscape for selling furniture is getting more difficult? farooq: first of all, it is good to be back at bloomberg. i discussed yesterday in our earnings call about the facts today, you have to differentiate yourself. you have to be in a position to take, to be relevant. what we have at ethan now and -- ethan allen 1200 interior designers that work for us in north america and 2500 internationally. we have 200 design centers. these are brick and mortar. we know brick and mortar by unlessis not relevant you a

british media giant wpp solace shares dived 40% after it warned the business's growth is slowing downs overhauling its business amid mounting competition from google and facebook. it's a new boss called for radical thinking to turn the company around. the british firm which owns big agencies such as 0gilvy andj wt said it would sell off more access —— assets and hold off for making new acquisitions. let's forget the market before we go. asian markets are following wall street's leave in opening higher after that sharp sell—off that we saw yesterday. japan's market now by almost 1% and allup by japan's market now by almost 1% and all up by zero wall street also had all up by zero wall street also had a present day. all in positive territory. that is it for this edition of asia business report. for watching. this is bbc news. the top stories this hour: the fbi steps up its hunt for whoever is behind a series of crude bombs sent to leading democrats and critics of president trump. japan's prime minister shinzo abe is in beijing for the first bilateral talks between the two countries in s

wpp says it now expects sales to fall is here in profit margins to decline.ent sergio said investors fell over performance. costafter the lenders' ratio. ubs had an overall revenue growth the same cost as gdp. the ms ubs had -- this came as ubs had the same revenue. you can see our interview with sergio ermotti at 12:30 afternoon, london time. cutes of ab inbev have after his six to pay down its $109 million debt mountain, much of it taken off after the purchase of rival miller. the belgian-based company, the world's largest brewer, reported profits that meet analysts' expectations. sales also slowed at the weakest pace in more than a year. that is your bloomberg business flash, francine. francine: thank you so much, desley. cathay pacific seven is entering ra of growth, but analysts have questioned its long-term viability for some time. it is here to shore up its balance sheet and maintain its loan. out of the company make it through the make or break? joining us now on the phone for his first interview of the day nor asian airline. how concerned are you abo

. >>> wpp reporting a weak third quarter and slashing its guidance wpp shares are down about 17% in londonrading moving on, whirlpool topping earnings expectations. the company pointing to strong shares in north america. >> dominic chu is digging through yesterday's numbers what can you tell us about this >> i was part of that video game generation, i understand hitting the reset button we're back down to flat here if you look at the s&p 500, so far on a year to date basis, the idea that we could be where we are now and have it be the same level that we were to start the year off is something that people did not count on but also something we've seen in terms of following that trend higher the last six or nine months and then having it fall off sharply the s&p 500 has been interesting in terms of the movements we've seen yesterday's price action echoed some of that the utility spdr, this particular etf, was one of the ones that outperformed in yesterday's trade. elsewhere in the market you're looking at some places where we've seen some of the biggest declines overall if you look at those,

shares in wpp have fallen as much as 22% after the advertising giant warned that growth in the businessd down in april after a scandal, reported lower—than—expected sales and cut its predictions for the rest of the year. bt has named philipjansen as its new chief executive as the telecoms group seeks to revive its fortunes. he replaces gavin patterson, who is stepping down after the company said a change of leadership was needed. and ouantas has posted record first quarter revenues, as higher airfares helped offset rising fuel costs. the australia airline saw revenues for the period increase 6.3%. that's all the business news. more in an hour. jamie, thank you very much. businesses in the centre of belfast are continuing to lose millions of pounds after a fire in august. a large area is still cordoned off, meaning 15 shops haven't been able to open including the primark store which was virtually destroyed. our ireland correspondent chris page has been talking to people affected. a landmark reduced to a ruin. the bank buildings has been at the heart of belfast since the 18th century, but

the gains were even stronger earlier this morning after hsbc reported strong earnings wpp took a tumblek after profit warning we've also got italian banks performing quite strongly just beyond the top of the leader board. certainly a big push this morning for the italian stocks geoff, over to you. >> thank you, julianna china awe stocks grow due to weaker domestic demand the data saw industrial profits grow 4.1%, the slowest month growth since march it comes amid increasing trade tensions between beijing and washington the trade tension story seems to be a little bit on the back burner it hasn't be really gone away yet, has it? >> no, it's clearly problematical. these chinese profit numbers are difficult to observe it a comes across the board a month ago which is almost impossible, this year's and last year's numbers if you take the numbers ee kwengsly, it looks like revenues were down 7% and profits down dhaubl from the previous quarter. things are bad there the trade war is definitely a bad influence on the outside but again even in china it's not the whole story. it's a nice politica

a number of key earnings reports in focus, wpp plunging 17% after reporting slowdown in client spendinges in the quarter fell 1.5% a steeperdrop than analysts anticipated. that stock is posting the worst day in more than two decades, down 17% meanwhile, more bullish news for european retailers puma lifting outlook for the third time after reporting better than expected earnings. saying costs have risen slower than expected, boosting profit guidance that stock up about 6% there are some bright spots, especially on earnings >> thank you seema mody. >>> push and pull between global trade worries, credit fears, rising rates then strong earnings keep coming out. s&p back to 2703 to sort through it, bring in technical strategist james paulson, investment strategist jim, i am anxious to remind viewers you warned about a downturn way in advance of this one. now i look at next year's look 15 times 160 on the s&p, suggests that you think we have more pain to go through. >> i think the problem is where is goldilocks for this market. if you're a bull, what are you rooting for? if we get growth that

he could do no wrong now my question is, it was almost a parallel from a sorrell and wpp, they could do no wrong at the peak of their powers. how different is reckitt benckiser today? it's the same business you're selling product to amazon, the supermarkets, to retail, across the board it's the same thing. it hasn't changed. why is the business so different today and tough compared to that glory day? >> i would say -- we are caught up in the whole sort of undermining of the brand there is now a route to market we have never seen before. a supermarket company, which i won't name,convened a meeting with the company along the lines of reckitt benckiser, and they pointed to the shelf and they saw a branded good to that company which was sold to customers for 1 pound. they're saying are you telling me the way we have to sort our goods is to go somewhere else and buy it cheaper than from you? there's certain areas that have been blood floflooded with good that's happening at a time where we have accelerated route to markets from new entrants. i think it's a difficult period of time and cle

wpp will provide a strategy update in december. nejra: we got a red headline that bt is naming ceo.p coming over from worldpay. this is something bloomberg was reporting a week ago, now confirmed by bt. that is coming through. and ceo job that bt being offered to philip jansen. let's look at futures. most of those equity benchmarks down 2%. three pointower by 5%. $5 trillion wiped out for asian equities. the s&p and the dow wipes out this year's gains yesterday. correction.n the worst month for u.s. stocks since 2009. judging by the futures in europe, we could see a seventh day of losses for european equities. yesterday we saw european equities open. want some upon europe, also the u.s., we start inching into the green. we think we're going to get a reprieve. then it is sell sell sell. manus: the volatility lies in the equity market, less so in the bond market. scott teal from blackrock saying he favors the five-year curve. blackrock has been pushing a lot. where 326dy tell me has gone to in the bond market? that was the yield we saw, the high this year. play, a hugecs and dislocati

that's wpp down about 17%.the closing bell we'll be diving in to what to expect from the likes of amazon and intel and very much more more more at the top of the hour. $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's timefor *. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. >>> welcome back we head into the close the company reported a beat on earnings and saw credit card earnings sat down to talk about the results. listen >> particularly surprising to us is how strong the united states has been we are seeing really good

he says wpp has been too slow to adapt to structural changes in the business.ks so much. ubs shares are up after third-quarter net profit stopped estimates. with the ceopoke over the stock price this year. every ceo like to thank their stock is underpriced. on an absolute basis it is disappointing to me, the stock being down. how is important is to see our stock is performing these are the our competitors. it is down for total shareholder return. if i look where we trade in terms of multiples and on price-to-earnings basis, we are trading at a premium to our european peers and close to our u.s. peers. yes, i think over time the market and investors will eventually recognize the value of our franchise and the cash flow generated value of our franchise and the diversification on the table. nejra: you talk about the diversity of ubs' business. of the investment banking business model are most attractive for ubs right now? you had double-digit gains in equity and fixed income. sergio: we are a focused player in the investment bank. 75% is lori compete, we are top f

. >> wpp slashing their forecast. >> consteilation was on yesterday.emember when you called buds the cement heads the bud is no longer selling the way it did. it is anti-craft. >> it is being talked about among a universe of companies for growth and having to make tough decisions now. >> that was the deal too far. they really shouldn't have done that deal in retrospect. you are combining these beer companies that aren't doing that well. by the way, i know that cannabis won't stop. >> they have to make a decision as to whether their dividend is more important than their credit rating. yesterday i think investors were taking a look at at&t and questioning whether they were going to be able to get it. wondering what comes first they will protect their credit rating. they will choose to stay on the path of delevering. i only bring that up because you are going to see this with any number of companies that have this debt load. >> is it not amazing -- at&t, that call was a call that brought down a lot of stocks. ithought what they did -- i really don't like

following weaker than expected guidance equifax in the red and big-time, 14% after a sharp drop in profit wppst day in more than two decades after a big slowdown in client spending. let's go to sue herera for a news update. >> hello, ty here's what's happening at this hour, everyone thousands of central american migrants spent the night in southern mexico before resuming their journey north to the u.s. border mexican officials estimating the size now at 4,000 to 5,000 and that is less than the 7,000 that were part of the group earlier this week. >>> u.s. troops joining other allied forces in norway as nato kicked off its largest military maneuvers since the cold war some 50,000 troops are taking part >> maritime, suffering the most important we had since two decades and maybe more than t t that, with 35 ships in my force. 17 total very huge force. very great opportunity of training >>> and french spiderman climber robert taking on one of london's tallest buildings without ropes. it took him an hour to make his way up the 750-foot tower. police kept crowds back. he used only chalk to reach the

. >> i know i'm way over time but madam chair, i think you we should have wpp a program for cybersecurity, like we should just say calling all americans, will help you get educated in this area if you help us. i think there's a lot of young people in the northwest if they heard that call they would respond to it. we get cheap hydrophilic we get cyber can we get the internet. but we need to sharpen our call to vent and we need them and we need them to respond. we need hundreds of thousands of people in this infrastructure call, so hope we can figure out a way to promote that. >> thank you, senator kirk senator gardner. >> thank you, madam chair. thank you to all the witness for testimony today, your great work in the field, particularly place to mr. torres joining us today it also particularly pleased to have him because of his hometown, small town in eastern colorado, to see a small town hall about a kid, the eastern plains grew up and run a laboratory with world renowned scientists is pretty doggone exciting assists in the great about this country so thank you for leadership in being her

. >> i know i am way over time but to me we should have a wpp a program for cyber security and we should just say calling all americans will help you get educated in this area if you help us. there's a lot of young people in the northwest if they heard the call they would respond to it. we get hydro in cyber and an internet but we need to sharpen our call to them that we need them to respond to this. we need hundreds of thousands of people in this infrastructure called. i hope we can find a way to promote that. >> thank you. >> the senator,. >> thank you for your testimony today and your great work in this field. [inaudible] i'm particularly pleased to have you here because of your home down in colorado and small town at eastern colorado and to see a small town colorado kid eastern plains grow up in front of the laboratory with world-renowned scientist is pretty doggone exciting and says something great about this country. thank you for your leadership meteor. i will start with you on the question i have. with a chance to visit both when secretary. couple visits to in the morning in the

shares in wpp have fallen as much as 22% after the advertising giant warned that growth in the businessts full—year outlook. bt has named philipjansen as its new chief executive the telecoms group seeks to revive its fortunes. he replaces gavin patterson, who is stepping down after the company said a change of leadership was needed. quantas has posted record first quarter revenues, as higher airfares helped offset rising fuel costs. that rise of the back of oil prices. the australia airline saw revenues for the period increase 6%. let's have a look at the markets and the numbers. a bit of a slowdown in client spending. that is behind a massive fall in shares. they were down about 22% earlier, they have recovered some ground but still not great. when it comes to this business here, this is an insurance is missed, they other struggling with greater con to the competition. debenhams shares up significant at the moment, just under £10. at 15% because it is reducing its cost in the business, as it reduces the store for you. that is good news for investors if there are a few costs in the busi